Westpac’s half-year profit slumps 16 per cent

Westpac’s half-year profit has slumped 16 per cent to $3.4 billion.

This comes amid increased competition in the mortgage market.

Revenue dropped four per cent to $10.6 billion, with the bank's net interest margin falling seven basis points to 1.89 per cent.

The bank lifted its dividend by five cents per share and paid a special dividend of 15 cents to shareholders, bringing the total distribution to 90 cents per share.

Westpac also increased the size of its share buyback program by $1 billion.

Видео Westpac’s half-year profit slumps 16 per cent канала Sky News Australia